North America

VC shows modest returns in Q1

Shorter-term venture performance showed signs of improvement in the quarter ending 31 March, according to recent statistics from Cambridge Associates and the National Venture Capital Association, but performance is still down on the decade.

Carlyle in $92m language school exit

The Carlyle Group has sold Wall Street Institute, a chain of English language training centers, to education and information company Pearson.

Illinois Teachers’ to overhaul private equity

PCG Asset Management will help the $34bn pension rebalance its portfolio, selling older investments and ramping up exposure to international, secondaries and co-investments.

Advisor: Family offices like direct

Frustration with fees has some family offices moving toward direct investing, says John Rompon, managing partner at McNally Capital.

Lazard hires European private equity co-head

Fotis Hasiotis will join Lazard in November to co-lead its financial sponsor coverage group in Europe.

LACERS commits $20m to Providence debt fund

Providence plans to raise $1bn in credit-focused commitments, having gone to market just one year after closing its debut debt fund on more than $1bn.

Rebranded Northern Lights expands reach

The Seattle-based firm, which buys minority stakes in boutique asset managers, has merged with Echelon Capital.

Moody’s: Harrah’s not ‘out of the woods’

Apollo and TPG Capital-backed Harrah’s, loaded with $22bn of debt from its $27bn buyout in 2008, has eased its debt burden through recent refinancings but has not solved its problems, according to Moody's.

CalSTRS reports 21.7% PE return

The US pension refuses to ‘sell at loss’, temporarily shifting 5% of its equities portfolio to private equity, real estate and fixed income to take advantage of distress.

Some foreign GPs to face US registration

Non-US based firms will be exempt from SEC registration if they meet certain criteria, including having less than 15 US-based LPs and clients.